New statistics from the Kaiser Family Foundation out last month reveal that 71 percent of uninsured workers are self-employed or work for small firms that don’t provide benefits. Payable wants to help close this gap and make sure independent workers have necessary health benefits they need to stay physically and financially healthy.
That’s why Payable has partnered with leading health insurance recommendation platform and benefits provider, Stride Health, during open enrollment. “Stride’s focus and passion for the self-employed is evident in everything they do,” said Tad Milbourn, Payable CEO. “With this partnership, now self-employed contractors can get paid, get covered, and get back to doing what they love.”
How does the partnership work?
You can begin your search for the perfect plan two ways:
One way is directly through our partnership website: here is the where to start
The other can be accessed when logged into the Payable platform. Once logged in, you’ll be able to begin the process of exploring health insurance plans that best fit your needs. Here is where to start:
Once clicking through, you’ll be directed to Stride’s platform where you can input important information that will help them match you with the best and most affordable plan for your budget and health needs. They’ll need to know:
• Zip Code
• How many people you’re purchasing insurance for
• Any prescriptions you take regularly
• Pre-existing medical conditions
• Tobacco use
• 2016 Modified Adjusted Gross Income (MAGI)
After sharing this information, Stride will provide a recommended plan based on your budget, any subsidies you qualify for, and particular health needs. It will also allow you to compare different plans and apply directly from the platform.
Additionally, you can select to only shop for plans that include your current care providers in the network. You’ll also be eligible for Stride’s prescription benefits in which you can save 40-75% on prescription prices at over 70,000 pharmacies.
How much time do I have?
If you don’t currently have insurance or expect to be without insurance in 2016, you’ll need to purchase a plan within this enrolment period which is from November 1, 2015 to January 31, 2016.
Do I qualify for subsidies?
A lot of Americans don’t realize they qualify for government subsidies to lower the monthly cost of their insurance! You can qualify for a subsidy if your gross income is within 400% of the federal poverty level set every year. Here’s a quick table showing the gross income level within 400% of the federal poverty level for this enrollment period:
*Medicare limits are different in every state -- Healthcare.gov can help you find the exact subsidy qualifications for your state.
What if I just don’t get health insurance?
This is not a very good idea. First off, in 2016 you’ll face a fine of $695 per person in your household who is uninsured or have to pay 2.5% of your household income -- whichever amount is highest. So if you earn $60,000 a year then you’ll have to pay a $1,500 fine come tax time. Why waste that money instead of putting it toward getting coverage? Plus an unexpected accident could cost you tens if not hundreds of thousands.
Health insurance premiums are also a tax write off for your 1099 taxes. Health coverage and a tax deduction? That’s a win-win!
We want to hear from you!
Are their any other benefits you’d like us to offer or need help navigating? We’re here to help make your life easier. Please reach out to us at firstname.lastname@example.org with any questions, concerns, or ideas. Plus, stay tuned as we roll-out more tools and benefits for our users in 2016!